Last Updated: February 2024 (White Plains, NY)
Nicholas Jembelis Investigation Summary
Here’s what you need to know about White Plains, NY, stockbroker David Lerner Associates:
- Name: Mr. Nicholas Jembelis
- Current Employer: David Lerner Associates
- Function: Stock Broker/ Financial Advisor
- Aliases: Nicholas Jembelis
- Primary Location: White Plains, NY
- CRD 4028696
- Can Nicholas Jembelis be sued in FINRA arbitration: Yes
- Sanctioned by FINRA: No
- Highest Settlement or Award: $22,500
Discuss your case with experienced investment fraud lawyer Bob Rex at (877) 224-3199 for a free consultation.
Did You Lose Money With Nicholas Jembelis As Your Stockbroker?
In 2021 a customer of David Lerner Associates was paid $22,500 to resolve a FINRA arbitration which alleged that Nicholas Jembelis misrepresented and recommended an unsuitable investment in Energy 11 LP, a private placement offering.
See this for more information on REITs and Other Alternative Investments
Private Placements under Reg D: What is a Private Placement? According to the U.S. Securities and Exchange Commission (SEC):
“Under the federal securities laws, a company may not offer or sell securities unless the offering has been registered with the SEC or an exemption from registration is available. Offerings exempt from the SEC’s registration requirements pursuant to Securities Act Section 4(a)(2) or its safe harbor under Regulation D of the Securities Act are often referred to as private placements.”
Allegations of Broker Misconduct Against Nicholas Jembelis
A customer of Nicholas Jembelis has alleged the following wrongdoing in connection with the handling of customer accounts:
- Unsuitable Investment Recommendation to invest in Energy 11 LP
Energy 11 LP– A Delaware non-publicly traded limited partnership established in 2013 to develop producing wells in the Sanish Field in North Dakota. In 2020 Energy 11 suspended investor distributions. In 2021 they reported an estimated per unit valuation of $7.23, which is less than 50% of the initial offering price. In 2022 Energy 11 LP reported $45 million of unpaid distributions. In previous similar offerings David Lerner Associates was sanctioned over the sales of these proprietary products including Apple REITs. David Lerner Associates has 19 prior regulatory events according to FINRA.
Former David Lerner broker Lawrence Merl reports $750,000 settlement of Energy 11 LP private placement case.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
Recover Your Investment Losses Now With Rex Securities Law
Alternative Investments: These are assets that are not stocks, bonds or cash. Alternative investments generally fall within five categories: hedge funds, private capital, natural resources (oil and gas, energy), real estate (REITs) and infrastructure. They are typically less liquid that conventional investments, less regulated with higher fees and generally higher risk. For more investigations involving Alternative Investments, see this.
If you have suffered investment losses in an account handled by Nicholas Jembelis, contact us for a complimentary consultation with an experienced securities lawyer to learn how you may be able to recover damages through FINRA arbitration.
With offices in Boca Raton, FL and Austin, TX, stockbroker fraud attorney Bob Rex provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers, financial advisors and broker dealers.
If you have questions about how your account has been handled, call (877) 224-3199 to speak with an experienced securities attorney at no cost to you.
Most cases are handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
